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1. According to the AS-AD framework, what were the effects of the fiscal and monetary 1 / 1 point
policy mix adopted by the Reserve Bank and government following the economic boom
in Australia
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The AD curve shifted leftward, which decreased output and inflation
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The AD curve shifted leftward by monetary policy and rightward by fiscal policy, with undetermined out
inflation
AD curve shifted rightward by monetary policy and leftward by fiscal policy, which decreased output an
increased inflation.
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2. According to the modified AS-AD framework with an upward sloping AS and a vertical 0 / 1 point
AD, an increase in government spending would result in:
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